Prime Minister Mark Carney and his Finance Minister François-Philippe Champagne are set to deliver their first budget next week.

Since becoming Prime Minister earlier this year, Mark Carney has repeated the mantra: Canada can give itself more than U.S. President Donald Trump can take away.

That will be put to the test on Tuesday when Mr. Carney and Finance Minister François-Philippe Champagne deliver their first budget.

The cost of U.S. protectionism is clear. Canadian industries that were built on seamless integration into continental supply chains are fighting for survival. Exports have plunged and business investment has been frozen by uncertainty over tariffs.

Last week, Bank of Canada Governor Tiff Macklem, who previously served as Mr. Carney’s No. 2 at the central bank, warned

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